Easy access to the international airport and the IT hub of Whitefield, good connectivity through the upgraded Old Madras Road and a variety of housing options have led to the development of this belt

With the formation of Greater Bangalore, peripheral areas in the east such as Varthur, Mahadevapura and Whitefield began witnessing further development. Whitefield has turned into a well-established micromarket, leading to interest in real estate beyond this belt to Hoskote, along the Old Madras Road. Proximity to the IT hub of Whitefield, good connectivity to the airport and other locations in the east, availability of land parcels at relatively low rates and a rise in housing options in this belt is turning this into one of the fastest-developing corridors in Bangalore.Commercial market overview Research by Knight Frank indicates that a supply of one million sqft of office space was infused into the Hoskote Road belt with the completion of the Phase I of the India's first IT Research Park. About 1.70 million sqft of office space is planned in the region which includes commercial office space development in projects such as Phase II of the Research Park and a prominent mixed-use facility with luxury residential options, premium office space as well as retail development.

Satish B N, Executive Director South, Knight Frank India, elaborates on the growth of this region. “Hoskote Road is an emerging corridor located in the eastern periphery of the city . There is no organised Grade A commercial development along this stretch. However, Old Madras Road and Whitefield Road leading to Hoskote Town have a number of planned and ongoing commercial developments, which have led to the emergence of the Hoskote Road belt.“

“Of the commercial developments in the region, mention can be made of the Research Park located on Whitefield Road, which has good office space options
that can be considered by corporates to set up their establishments,“ he adds.Long-term outlook, potential Old Madras Road, considered to be a part of the Hoskote Road belt, is an emerging real estate destination owing to its proximity to Whitefield. Going forward, commercial real estate in the Hoskote region is expected to witness growth at a gradual pace that can be attributed to excellent connectivity and presence of residential pockets along the stretch.Residential market overview The three prominent locations in this belt witnessing a rise in residential options are Whitefield Road, Old Madras Road and Budigere Road. Satish explains, “The Whitefield Road micro-market is witnessing significant residential development and has emerged as one of the preferred residential destinations close to the IT hub of Whitefield. Going forward, significant residential supply is expected to be witnessed in the micro-market in the mid-range and high-end segments.“

Old Madras Road is currently a sixlane highway , located close to Whitefield, which has witnessed significant residential development in the region. In the coming years, this corridor will witness considerable supply of residential units on account of enhanced connectivity and spillover effect from Whitefield Road and the Whitefield area.
“The emergence of Budigere Road can be attributed to Cargo Road, which provides a shorter route to the international airport and also in anticipation of
also in anticipation of widening of the road to 300 feet,“ he adds.

Shrinivas Rao, CEO Asia Pacific, Vestian Global Workplace Solutions, says, “Old Madras Road is strategically located between the airport, Whitefield and ORR, the three economic magnets that will lead the economic growth in the next 5-10 years. The announcement of the Chennai-Bangalore expressway connecting Hoskote will also lead to the growth of automobile, aerospace and manufacturing sectors around Hoskote.“

Statistics with Knight Frank indicate that the price bracket for mid-range options is around Rs 3,500-4,500 per sqft.The range for high-end residential options is around Rs 5,000-6,500 per sqft.Long-term outlook, potential Idirees Chenakkal, Head Research & Consulting, L J Hooker India, says, “Prominent localities in this belt include K R Puram, C V Raman Nagar and Ramamurthynagar. Emerging localities are Budigere and Hoskote. This belt holds potential for investments as it is in the middle of existing workstations such as the International Tech Park Bangalore, Whitefield, as well as an upcoming workstation Hennur Road, with the Finance City as well Hardware Park.“

Retail market Satish says, “At present, ongoing retail development includes a wholesale market on Old Madras Road comprising 1 million sqft of retail space when completed.“